Travel + Leisure Co. Increases Cash Dividend
ORLANDO, Fla.--(BUSINESS WIRE)-- The board of directors of Travel + Leisure Co. (NYSE:TNL) has declared a regular cash dividend on the company's common stock, increasing the quarterly dividend rate to $0.35 per share, up from $0.30 per share. The dividend is payable December 30, 2021 to shareholders of record as of December 15, 2021.
On an annualized basis, the dividend increases to $1.40 cents per share, up nearly 17 percent from the previous annualized level of $1.20 per share.
“The continued payment of a dividend throughout the pandemic demonstrated our confidence in the resiliency of this business and its ability to generate free cash flow,” said Mike Hug, chief financial officer of Travel + Leisure Co. “The dividend increase announced today reflects the strategy we shared at our Investor Day in September to deploy additional free cash flow to increase the returns to our shareholders.”
About Travel + Leisure Co.
Travel + Leisure Co. is the world’s leading membership and leisure travel company, with nearly 20 travel brands across its resort, travel club, and lifestyle portfolio. The company provides outstanding vacation experiences and travel inspiration to millions of owners, members, and subscribers every year through its products and services: Wyndham Destinations, the largest vacation ownership company with more than 245 vacation club resort locations across the globe; Panorama, the world’s foremost membership travel business that includes the largest vacation exchange company, industry-leading travel technology, and subscription travel brands; and Travel + Leisure Group, featuring top travel content, travel services including the brand’s eponymous travel club, and branded consumer products. At Travel + Leisure Co., our global team of associates brings hospitality to millions each year, turning vacation inspiration into exceptional travel experiences. We put the world on vacation. Learn more at travelandleisureco.com.
This press release includes “forward-looking statements” as that term is defined by the Securities and Exchange Commission (“SEC”). Forward-looking statements are any statements other than statements of historical fact, including statements regarding our expectations, beliefs, hopes, intentions or strategies regarding the future. In some cases, forward-looking statements can be identified by the use of words such as “may,” “will,” “expects,” “should,” “believes,” “plans,” “anticipates,” “estimates,” “predicts,” “potential,” “continue,” “future” or other words of similar meaning. Forward-looking statements are subject to risks and uncertainties that could cause actual results of Travel + Leisure Co. and its subsidiaries to differ materially from those discussed in, or implied by, the forward-looking statements. Factors that might cause such a difference include those factors disclosed as risks under “Risk Factors” in documents we have filed with the SEC, including in Part I, Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, filed with the SEC on February 24, 2021. We caution readers that any such statements are based on currently available operational, financial and competitive information, and they should not place undue reliance on these forward-looking statements, which reflect management’s opinion only as of the date on which they were made. Except as required by law, we undertake no obligation to review or update these forward-looking statements to reflect events or circumstances as they occur.
Senior Vice President, FP&A and Investor Relations
Source: Travel + Leisure Co.
Released November 11, 2021